As of Tuesday, April 27, 2021, the interest rate on an Oklahoma mortgage is 3.08%. Let's look at how much home you can afford if you take out a 30-year fixed mortgage with a good down payment (recommended).
Make Sure You Can Comfortably Afford Your New Home
When calculating monthly housing costs, you need to factor in the cost of your mortgage plus property taxes, HOA fees, and insurance. So, if you want to spend under $1,000 per month, let's use this handy mortgage calculator to find out how much home you can afford.
Please note that these are approximate figures and subject to change depending on the type of mortgage and your down payment.
● Home Value: $220,000
● Down Payment: $44,000 (20%)
● Mortgage: 30-Year Fixed Rate
● Interest Rate: 3.08%
The above produces a monthly payment of $966 broken down as follows:
● Principal and Interest: $750
● Property Taxes: $145 (Oklahoma's property taxes are low)
● Homeowner's Insurance: $71
Communities Close to Oklahoma City Proper
The above calculations mean you can look for a brand new home in the OKC area costing up to $220,000.
This sum won't afford you a home in the city center. However, there are attractive communities not too far away with new homes in this price range.
LGI Homes in El Reno & Moore
One builder we particularly like for this list is LGI Homes. While upgrades from other builders may substantially raise the price of your home, LGI Homes includes a host of impressive upgrades at no extra cost to you. All house plans feature energy-efficient appliances and include modern amenities you'd expect, but don't always get with all builders.
Crimson Lake Estates
Crimson Lake Estates in El Reno is close to beautiful Lake El Reno and under thirty miles from OKC.
Jaxton House Plan - 1,265 Square Feet - From $207,900. This brand new, one-story home from LGI Homes gives you three bedrooms, two bathrooms, space for two cars, and a fully-fenced backyard. You get an open layout with character, charm, and many upgrades.
Wyndemere (near Moore) offers countryside living only eleven miles away from OKC.
Blanco II House Plan - 1,400 Square Feet - From $216,900. This delightful one-story LGI home offers three bedrooms, two baths, a two-car garage, a covered patio, and a fenced-in and fully-sodded backyard. You get a well-designed, spacious feel and lots of impressive upgrades.
Rausch Coleman Homes in OKC & Yukon
Either Siena Ridge or Saratoga would be a great place to call home. These communities are both within a short driving distance from OKC outlets, Lake Overholser, and Will Rogers World Airport. Here are a couple of brand new homes from Rausch Coleman.
You will work with the builder to design a home just the way you want it. The final price will vary based on the floor plan, upgrades, and options you choose.
Siena Ridge is located in the OKC limits and has seven home plans to choose from.
Magnolia House Plan - 1,671 Square Feet - From $177,400. This brand new home gives you a spacious family room, four bedrooms, two bathrooms, two porches (front and back), and front yard landscaping.
You'll find Saratoga in the Yukon area and in this community, you get six, single-story plans to pick from.
Roselyn House Plan - 1,840 Square Feet - From $184,400. This open-plan home offers four bedrooms, two baths, a large living area, and an eat-in islanded kitchen fully equipped with energy-efficient appliances.
D.R. Horton in Mustang
National builder D.R. Horton is another builder with homes on the outskirts of Oklahoma City. Often described as cookie-cutters, there isn't a lot of customizations that the builder can choose from, unlike the aforementioned builders.
Brookstone Ridge gives you a cozy neighborhood feel with easy access to the city. This beautiful community is only minutes away from restaurants, gyms, and other amenities.
There are eight floor plans, but only a select few can be purchased for less than $1,000 per month.
Ashburn Plan - this 1,263 square-foot, single-level new home is priced from the $190s. However, as with Rausch Coleman, this is the "starting" price. You'll have to
work with a home specialist to determine the level of customization you want, along with the final price tag.